HB346 Alabama 2016 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2016
Title
Retirement System, individual retirement accounts, authorize new employees to contribute monthly and provide opt-out provisions, Sec. 36-27A-5 am'd.
Description
<p class="bill_description"> Currently, members of the Retirement Systems
of Alabama are allowed to make contributions to
individual retirement accounts administered by the
Retirement Systems of Alabama. This bill would
require all new employees, beginning January 1,
2017, to contribute monthly to such individual
retirement accounts and provides opt-out
provisions</p><p class="bill_entitled_an_act"> Relating to individual retirement accounts; to amend
Section 36-27A-5, Code of Alabama 1975, relating to
contributions to individual retirement accounts administered
by the Retirement Systems of Alabama to require public
employees first employed by a participating employer of the
Teachers’ Retirement System, Employees’ Retirement System, or
Judicial Retirement Fund on or after January 1, 2017 to make
contributions to such individual retirement accounts and to
provide opt-out provisions.
</p>
Subjects
Retirement Systems
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 1, 2016 | H | Read for the first time and referred to the House of Representatives committee on State Government |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB346 Alabama 2016 Session - Introduced |